ECONOMY

China’s industrial profit fell sharply in April due to COVID restrictions

Profits are down 8.5 percent from the previous year as blockades depress margins and disrupt factory operations. Chinese industrial companies’ profits fell at the fastest pace in two years in April as high commodity prices and supply chain chaos caused by COVID-19 constraints depressed margins and disrupted factory operations. Profit fell 8.5 percent year-on-year, according …

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Elon Musk says the coming recession is “really a good thing” and predicts how long it will last

Bank of America CEO Brian Moynihan provides a look at “Morning with Mary” from the World Economic Forum in Davos, Switzerland. Tesla CEO Elon Musk, who became even more famous for buying Twitter and who had previously predicted an economic recession, argued that the coming recession was a “really good thing”, a necessary “rough awakening” …

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The state pension is set to increase by 10% as the triple lock return is set to ease pressure on the OAP

By Fiona Parker, Money Mail reporter One retiree said there was a “relief” to hear about the emergency aid, which includes the return of the state pension trip next year. Mick Thompson (67) and his wife Nix (58) expect to receive around £ 850 to help ease their financial pressures. Mr Thompson said: “It was …

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US stocks jumped as solid outlooks from retailers boost confidence

Dollar Tree Inc.’s and Dollar General Corp’s deep discount stores recorded the largest rallies in history due to stronger sales projections. According to Abigail MojžíšováBloomberg Published May 26, 2022May 26, 2022 Shares extended their rebound from the lowest levels in more than a year as solid outlooks from retailers strengthened confidence in the economy despite …

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Rishi Sunak measures only “temporary relief” to the cost of living crisis

Rishi Sunaka’s response to the cost-of-living crisis has met with mixed acceptance, with charities and anti-poverty groups saying it provides temporary relief to millions of households, but leaves those on the lowest incomes facing uncertain futures. The package will increase the income of 8 million low-income households this financial year with a one-off increase in …

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The Rishi Sunaka support package leaves middle-class families short of £ 3,100

If the Bank of England has to raise interest rates faster as a result, Pickering adds, he risks “starting a recession. Unemployment would be much worse for living standards than high energy prices, that’s for sure. “ JP Morgan’s Allan Monks expects the Monetary Policy Committee (MPC) to add a further increase in interest rates …

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